First of all, I wish to make clear that I still stands behind my
analysis from yesterday. Evidently price was strong early in the morning but if we keep looking at the context, this bullish moves reveals weak foundations (low volume break out and diverging internals are only a few). Time will tell if it is fake or not. Meanwhile I anticipate what seems most probable outcome from my stand point.
This SPY chart let us see an interesting topping pattern (very similar to the Evening star). If I am right , it will lead to a red day and also probably a gap down. Ideally it will trigger a nice leg down.
Also, take a look at DIA. It had a hard time to pierce 02-22 highs ( made no breakout) and more importantly it closed just below 12-31 key level.
